Investor interest in the market remained high with impressive bids and offers but trades were at a premium as buyers and sellers were wide apart on their valuations.
This development led to volume and turnover failing to match figures registered at the week?s opening session. The indices failed to rebound from last Monday?s reverse as they were weighed down by a laggard.
On price movements, SIC was the lone decliner shedding a pesewa to 35GHp. There were no advancers.
At the close of trading a total of 106,096 shares valued at GH?123,787 changed hands in sixteen equities. Ghana Oil was the most traded stock accounting for 68% of volume and 62% of value respectively.
With these changes, the benchmark Composite Index was down 0.36 points to 2,259.78. This brings its year-to-date change to -0.05%. The Financial Index also trimmed 0.49 points to 2,244.48, representing a year to date return of 0.04%.
Outlook
Buyers are likely to dictate the direction of the market in the days ahead as they seek discount deals. We however foresee an easing of the downward pressure on? prices as investors look forward to the release of earnings results.
On the back of trends observed today CAL Bank, Total Petroleum and Stanchart are expected to stay firm in spite of outstanding offers at the closing bell.
Standard Chartered (SCB) has announced a dividend of GH?0.0758 per preference share in respect of the dividend period of six months up to March, 2015.
All preference shareholders registered in the books of SCB at the close of business on Friday, February 27, 2015 will qualify for the dividend
On the currency market, the Cedi failed to cling to gains registered yesterday sliding against the Euro, the Pound and the Swiss Franc. It was stable against the Dollar but bounced back against the South African Rand.
The Cedi was unable to take advantage of worries over the euro zone trimming 0.40% against the 18-nation currency. Mid rates on the interbank market stood at GH?3.80.
The Cedi also gave up 0.28% and 0.42% against the Pound and the Swiss Franc, to change hands at GH?4.87 and GH?3.16.
The local currency was flat against the Dollar for a third straight day with rates on the interbank market averaging GH?3.21.
Against the Rand, the local currency gained 0.47% to close at GH?0.28.
UMB Stockbrokers Ltd
